The recent disaster has exposed serious shortcomings in economic strategy and public policy. But the current economic collapse will lead us to a brighter tomorrow, writes Jeffrey Miron. 

The economic and health impacts of the Covid-19 pandemic continue to reverberate around the globe. With 17 million reported cases – 6 million active – and nearly 700,000 deaths worldwide, victory remains distant. Here in the United States, with a second wave hitting many states and generating more cases and deaths each day, the hope for a flattened curve – let alone containment – is meager.

SUGGESTED READING Groundbreaking economics at HowTheLightGetsIn By Four months into this pandemic, however, enough time has passed to draw early lessons from the crisis and perhaps even find silver linings.

Covid-19 magnified private and public-sector inefficiencies, unpreparedness, and policy failures Government agencies scrambled to respond to the new threat, but miscommunication and unnecessary regulatory barriers hamstrung their efforts. Fortunately, the current crisis is leading to widespread rollbacks of unnecessary, restrictive policies. Making these changes permanent will improve future outcomes, and our economic model will become stronger without strangling bureaucracy.

With the benefit of hindsight, we can see how these agencies created unnecessary roadblocks and restructure them in a manner beneficial to future public health and economic prosperity.